Dundee: Noront Resources Ltd: High Grade Assays at Eagle’s Nest Build Confidence:

Conclusion: We reiterate our BUY recommendation, and maintain our 12-month target price at $2.90.

The Company today announced results from five infill drill holes recently completed at its wholly-owned Eagle's Nest nickel-copper-platinum group deposit in the "Ring of Fire" in northern Ontario. The Company recently completed a $13.9 million flow through financing lead by Dundee Securities Corporation, and has a fiscal 2010 budget of $40 million. The goals for this program are increasing resources at Eagle's Nest, completion of engineering studies and ongoing engagement with local First Nations communities. Fiscal year-end is March 31.

Three of the five holes were drilled parallel to the interpreted north-south strike of the deposit and were designed to test the continuity of the massive sulphide mineralization. The other two holes were designed to infill gaps in the database.

Significant results are described in Table 1.

Eagle's Nest Massive Sulphide Interpretation and Continuity Supported

• NOT-10-081 intersected 157.0 meters averaging 2.6% Ni and 1.6% Cu, including 19.0 meters averaging 6.6% Ni and 2.7% Cu, and 5.5 meters averaging 7.8% Ni and 2.0% Cu.

• NOT-10-076 intersected 97.5 meters averaging 1.9% Ni and 1.0% Cu, including 3.6 meters averaging 5.1% Ni and 1.5% Cu.

• NOT-10-076-W1 intersected 43.5 meters averaging 3.2% Ni and 1.2% Cu, including 13.1 meters averaging 7.0% Ni and 2.2% Cu